A venture capital fund set up by former Facebook executive Chamath Palihapitiya will target healthcare as one of its key areas for investment.  The fund set up by Palihapitiya, who launched Facebook’s advertising channel and left the social network in June 2011, is called Social + Capital Partnership. It describes itself as a “multi hundred million dollar fund focused on backing exceptional entrepreneurs in the area of healthcare, education, financial services and internet technologies”.

Palihapitiya does not mention mobile-based healthcare as a particular focus but it is worth noting that one of its first investments is in Glooko which enables users to manage diabetes via the firm’s iPhone app (pictured).  Instead of manually entering a glucose reading, users can save time and eliminate errors by downloading readings from their glucose meter to an iPod touch or iPhone, says the firm. Palihapitiya has brought in two partners to his fund, AllThingsD reports this week, in a sign of his intent to turn Social +Capital Partnership into a significant VC firm and not just a personal investment fund.